5 Different Types of Power of Attorney
If you have important decisions to make in the future, it is important to make sure you protect yourself. This could include appointing someone as a power of attorney. There are different kinds of power of attorney, and you might have the power of attorney documents that you need to get notarized. Even though you might be looking for a power of attorney that covers everything, it is more important to take a look at the different types of power of attorney. That way, you can understand what type of power of attorney you need in your specific situation. What do you need to know about the different types of power of attorney? Take a look at several important points below.
Types of POA
There are several types of powers of attorney that everyone should be familiar with. These include:
1. Durable Power of Attorney
A durable power of attorney is effective immediately after that the sign. Your agent will continue acting on your behalf if you become incapacitated. A durable power of attorney can be rescinded using a revocation form.
2. Medical Power of Attorney
A medical power of attorney is someone who is nominated to make medical decisions for you. This is commonly known as an advance directive. If you cannot make these decisions on your own, your medical power of attorney will step in.
3. General Power of Attorney
A general power of attorney is someone who can oversee financial, business, real estate, and legal matters on your behalf. This provides someone with extensive control, so it’s important to work this carefully.
4. Limited or Special Power of Attorney
A limited power of attorney has a very specific situation where someone can act on behalf of someone else. For example, you may need to have a limited power of attorney if you want someone else to cash checks for you. That person will not be able to make other financial decisions for you.
5. Springing Power of Attorney
Finally, this type of power of attorney only goes into effect if someone is unable to make decisions for himself or herself. For example, military personnel may have this type of power of attorney go into effect when they go overseas. Then, if they are incapacitated, someone else can make decisions for them.
There might be other power of attorney examples that could be relevant in certain situations. You should reach out to a legal professional to learn more about the different types of powers of attorney.
Examples of Power of Attorney
There are several key examples of situations where a power of attorney could be required. They include:
- If you have an elderly relative who is unable to make decisions for himself or herself, then you may need a financial power of attorney who can help.
- If you are unconscious during a surgical procedure and the doctor needs someone to make a decision, you might need a medical power of attorney who can help you.
- There are some situations where a child is unable to make financial decisions for himself or herself and a power of attorney is required to do so.
- You might be required to give someone power of attorney to make investment decisions on your behalf. This is usually a limited power of attorney situation.
In a lot of agreements, certain conditions have to be met before the power of attorney becomes active. It is critical for you to review the document carefully so that all triggering events are carefully spelled out. This can prevent confusion from taking place down the road. You need to work with a lawyer who can set this up for you.
How To Find Out What Type of Power of Attorney You Need
If you are curious about what type of power of attorney you need, it is a good idea to communicate with a lawyer. There are numerous situations where you might need a power of attorney. For example, you may need someone who can make important financial decisions for a relative who is getting older.
Or, you may be concerned that you may need someone to make decisions for you if you have an important surgical procedure coming up. If you are unconscious during the operation and someone has to make a decision, you need to appoint someone who can do that for you.
Even though this is usually a spouse or a parent, you should communicate with a lawyer to see exactly what type of power of attorney you need. That way, you make sure you have gone through all the appropriate steps to specify who can make important decisions on your behalf if you are unable to do so.
Where To Get Your Power of Attorney Notarized
If you have to get your power of attorney notarized, you may think that you need to go to a physical notary. Even though you can certainly do so, this can take a lot of time. You may also end up spending more money than you have to. That is why it is better for you to get your power of attorney notarized online with a service such as OneNotary. The steps include:
- First, you should take a look at the schedule. Find a remote notary that is available when you need him or her. Then, sign up for an appointment.
- You should receive a link in your email confirmation that you can use to upload the documents to be notarized.
- Prior to the session, you will need to answer a few questions to verify your identity. These questions will vary depending on the regulations of your state.
- When it is time for your notary session, you will communicate with him or her using video conferencing software.
- After the session, the notary is going to notarize your documents. You will receive an email confirmation when you can download your notarized documents.
It doesn’t get much easier than using a remote online notary to notarize your documents. You may be able to use this process to get your powers of attorney notarized as well.
Frequently Asked Questions About Powers of Attorney
There are a lot of questions people commonly have about powers of attorney. These include:
- What types of power of attorney are there?
There are lots of types of power of attorney. For example, there are some people who have a medical power of attorney that make decisions that they are unable to do so. There is also something called a durable power of attorney which covers other decisions, such as financial ones. You could talk with a lawyer to learn more about the different types of power of attorney you might need.
- Is a power of attorney permanent?
It depends on how the documents have been drawn up. It is important for you to understand exactly what the document says before you make an agreement. That is why it is important to get these documents notarized.
- Do powers of attorney need to be notarized?
It depends on the specific regulations of your state; however, it is a good idea for you to get the document notarized just in case you are required to do so.